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"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Monday, October 10, 2011

Greek default needed, says Major

Greek default needed, says Major
BBC News
He said the UK faced a "very, very serious" financial crisis. Last Thursday, the Bank announced it would begin a fresh round of quantitative easing by injecting another £75bn into the economy, having pumped £200bn in during its first round. ...

Cameron Calls For 'Big Bazooka,' Warns 'Time Short' To Prevent Eurozone Disaster In an extensive interview with the Financial Times, British Prime Minister David Cameron warned that continental Europe has just weeks to avert a global financial disaster. “The situation with the world economy is very precarious,” he said. “The eurozone is probably contributing more to that uncertainty and lack of confidence than anything else.”

When A Country Defaults, Who Comes Knocking?
NPR
by NPR Staff Protesters in Argentina in 2001 wave national flags as they walk through tear gas and smoke from burning street fires set by demonstrators during the country's financial crisis. Protesters in Argentina in 2001 wave national flags as they ...

Barroso says Greek default would spread crisis: paper
Reuters
Merkel warned last week the threat of contagion from a euro zone state rescheduling its debt would be huge and only made sense once it had achieved a primary surplus. Barroso noted the euro zone had no experience with the possible bankruptcy of a ...

Reasons not to ban naked sovereign CDS
Financial Times
By Andrew Baker “Prohibiting naked CDS [credit default swaps] transactions, as proposed, would have detrimental effects on liquidity as the market is left only to hedgers. Valuing credit risks will become more difficult. It should also be considered ...

DiManno: Financial crisis is literally killing Greeks
Toronto Star
By Rosie DiManno Columnist ATHENS—Three weeks ago, a man in his mid-50s set himself on fire outside a bank in the northern Greek city of Thessaloniki. While his suicide bid did not succeed — he was hospitalized with severe burns — the symbolism of ...

Alternative political vision required to tackle financial crisis
Herald Scotland
Bank of England governor Mervyn King's warning last week that the current financial crisis is the worst ever surely sent a chill through hearts all over the country. As the British government is yet again poised to bail out the banks, as the UK economy ...

France, Germany to Discuss Greek Bankruptcy, Contagion, JDD Says
Bloomberg
A Greek default would sink some banks and send the euro area back into recession, while Greece's exit from the euro would deter investors from Europe, leading to the same results, according to Le Journal du Dimanche. The French government believes ...

Lackawanna County financial crisis raises questions
Scranton Times-Tribune
BY DAVID SINGLETON AND BORYS KRAWCZENIUK (STAFF WRITERS) Lackawanna County's looming financial crisis raises a fundamental question: Could the need to borrow up to $21 million to cover the county's accumulated deficit have been avoided by small but ...

Financial crisis is man-made, says King
Times of Swaziland
By MDUDUZI MAGAGULA on October 09,2011 MATSAPHA – His Majesty King Mswati IIII says the current financial crisis that has gripped the nation is man-made. The King labelled this situation a man-made disaster which is somehow different from similar ...

Global art market rebounds from financial crisis
Xinhua
by Du Yuge BEIJING, Oct. 9 (Xinhua) -- The global art market has recovered from the financial crisis, with both confidence and prices continuing to rise. And one of the growth centers is the Asian market, particularly Beijing and Hong Kong. ...

SCOREBOARD: EU distraction
Business Spectator
Moreover, default will simply feed speculation and uncertainty. It's not just about recapitalising banks. Sentiment sapping uncertainty is something that needs to be addressed, and it can't be if markets are continually thinking about who else is going ...

Should All PIIGS Get A 'Haircut'?
Seeking Alpha
But the Greek 'haircut' has basically put the debt of Greece, but also of Ireland, Portugal, Italy, Spain (the 'PIIGS' with Belgium and possibly even France to follow), on much higher interest rates. Italy and Spain pay roughly 6% on their 10 year debt ...

Commodities slide feared as replay of financial crisis
InvestmentNews
By Dan Jamieson Concerns over a global economic slowdown — especially in emerging markets — have hammered commodities, resurrecting frightful memories of their meltdown during the financial crisis. “The fear in the marketplace now is along the lines ...

VIDEO: Greece must default, says Major
BBC News
Former Prime Minister Sir John Major has told the BBC that European banks need to recapitalise and "Greece needs to default" on its debts, to help bring an end to the eurozone debt crisis. He told Andrew Marr it would be "catastrophic" if the country ...

Default ratepayers get 100 percent amnesty
Fiji Broadcasting Corporation Ltd
A three-month rates amnesty period has been put into effect for all default ratepayers. The Ministry of Local Government has directed all town councils to allow a waiver of 100 per cent on all interests accumulated on full payment of the principal ...

Companies that can yet buck trend during financial crisis
Economic Times
It has been evident for some time that we are heading for a slowdown. India Inc is already reeling under, high input costs and rising rates. With two major trade partners - US and Europe - facing a major crisis, things have only become worse. ...

Jim Lee: Romney the GOP's default candidate
Carroll County Times
It's probably best that New Jersey Gov. Chris Christie decided against running for president because, as Texas Gov. Rick Perry is finding out, it is impossible to appeal everyone in the idealistic group of islands that has become the Republican Party. ...

Europe's crisis ricochets toward US
Tribune Review
Furthermore, a Greek default likely would lead to default contagion among the remaining PIIGSand extend possibly to major states such as France, even to the UK and US Voters in creditworthy European nations are becoming restless at the thought of ...

The Future of Exchanges Is Now
Wall Street Journal
Now that boom is petering out—and the financial crisis has dented the turnover in stocks and derivatives. So exchanges are seeking a new way forward. They're looking to grow by sealing mergers, investing in more profitable businesses and capturing ...

Jitters Ahead of Bank Reports
Wall Street Journal
By LIZ RAPPAPORT And AARON LUCCHETTI Not long ago, earnings season gave banks and securities firms a chance to show they still could flex their money-making muscles following the financial crisis. Now, they are hoping mostly to show they can take a ...

Why Economists Won't Help Fix the Economy
The Fiscal Times
By CIRO SCOTTI, The Fiscal Times With all the sophisticated economic models around the globe, why didn't economists see the financial crisis of 2008 coming? And why in the face of joblessness and a floundering economy are they, in the words of one top ...

Postal Service to continue post-anthrax safeguards
Washington Times
By Jim McElhatton Despite being mired in the worst financial crisis in its history, the US Postal Service has no plans to cut back on any of the bioterrorism preparedness measures that began in the wake of anthrax attacks through the US mail system 10 ...

Pensions Wrestle With Return Rates
Wall Street Journal
Some lawmakers and pension officials are pushing to abandon the roughly 8% annual-return assumption set by many public-employee funds, saying the rate is unrealistically high given upheaval in markets around the world and the preceding financial crisis...

Bottom of market rout is imminent
Independent Online
Stock markets are swinging wildly in the financial stampede to escape debt contagion. And according to Clem Chambers, the financial author and chief executive of ADVFN.com, the worst is likely yet to come. Although markets rallied on Thursday,...

End game in the long debt saga
Kathimerini
By Dimitris Kontogiannis Eurozone leaders have tried to tackle the Greek debt problem by giving the country more time to put its house in order through implementing fiscal austerity measures and structural reforms, and are addressing the contagion...

Concerns grow over Fannie and Freddie debt
Financial Times
“At the peak, Asian central banks accounted for 40-50 per cent of the purchases,” said a senior analyst at one major Wall Street firm, referring to the period before the global financial crisis hit in 2008. “Today, it is between 10 and 20 per cent. ...

The Depression: If Only Things Were 'That Good Today'
CNBC.com
The most worrisome aspect about our current slump is that it combines obvious short-term problems — from the financial crisis — with less obvious long-term problems. Those long-term problems include a decade-long slowdown in new-business formation,...